Absa exits First Assurance business as new investor takes full ownership

Absa Group has divested its full ownership interest in First Assurance Holdings Limited, as the insurance holding company's parent company completed the acquisition of the entire 100% stake. The transaction involved transferring Absa's shareholding from two subsidiaries to First Assurance Investments Limited. First Assurance Holdings Limited, the parent entity of First Assurance Company Limited and Absa Life Assurance Kenya Limited, undergoes a name change following the acquisition.

Absa Life Assurance Kenya Limited will now operate as First Assurance Life, while First Assurance Company Limited will rebrand as First Assurance General. Regulatory approvals and fulfillment of customary deal conditions facilitated the transaction. The insurance businesses will continue their operations under the new names, gradually distancing themselves from the Absa brand.

A six-month acknowledgment period using the "Formerly an Absa Group Company" designation will be maintained for both companies. Absa Bank Kenya Plc's distribution relationships with the insurance businesses will be preserved. Absa Life Assurance Kenya Limited Managing Director Githanji Waiguru and First Assurance Company Limited Managing Director Stephen Lokonyo signed the statement on behalf of their respective organizations, assuring customers and stakeholders that existing insurance products and services will remain unaffected by the change in ownership and branding.